Does it make sense to apply for CC in this scenario?

Does it make sense to apply for CC in this scenario?

I had credit issues a few years ago with current TU 679 EQUIFAX 632. I have negatives on reports but all are past SOL or have been settled. When this occurred I closed all my credit cards so I have no available credit listed on my reports.

Now I am wondering if I should apply for a credit card and whether that would hurt or help my FICO. I do not need the credit funds, would just be doing it to help score. If it makes sense, where to I find the best deals?

Re: Does it make sense to apply for CC in this scenario?

julcreek wrote:

I had credit issues a few years ago with current TU 679 EQUIFAX 632. I have negatives on reports but all are past SOL or have been settled. When this occurred I closed all my credit cards so I have no available credit listed on my reports.

Now I am wondering if I should apply for a credit card and whether that would hurt or help my FICO. I do not need the credit funds, would just be doing it to help score. If it makes sense, where to I find the best deals?

It makes a lot sense. Doing nothing lets your credit history fade from bad history to no history, which is not much better. Once you get one, you need to use it regularly and establish a payment history. Putting some monthly bills on it is good way to consolidate some bills and establish good credit history.

Secured card may be the best deal to start with CU or major bank. The high fee unsecured cards for bad credit are the worst deals.

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Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.